The Central Bureau of Investigation (CBI) has filed chargesheets against several high-profile individuals, including Anil Ambani, the chairman of the Reliance Group, and Rana Kapoor, the former CEO of Yes Bank, in connection with an alleged loan fraud case. The case involves a corruption scandal worth ₹2,796 crore (approximately $390 million). The CBI has accused Ambani and Kapoor of conspiring to cheat and defraud Yes Bank, which is one of India’s largest private sector banks.
According to the CBI, Ambani’s companies, including Reliance Infrastructure and Reliance Power, took large loans from Yes Bank, which were not repaid. The agency alleges that Kapoor, who was the CEO of Yes Bank at the time, colluded with Ambani to extend the loans without proper due diligence, and also allegedly took bribes from Ambani’s companies. The CBI has also charged several other Yes Bank officials, including former CFOs and senior executives, in connection with the case.
The alleged scam is part of a larger investigation into Yes Bank’s financial dealings, which were revealed after the bank’s financial health began to deteriorate in 2020. The Reserve Bank of India (RBI) had taken control of Yes Bank in March 2020, citing “serious governance issues” and “financial irregularities”. The CBI has been investigating the case since then, and has filed chargesheets in two separate cases involving Ambani’s companies and Yes Bank officials.
The chargesheets filed by the CBI allege that Ambani’s companies took loans worth ₹6,000 crore (approximately $830 million) from Yes Bank between 2015 and 2017, which were not repaid. The agency alleges that Kapoor and other Yes Bank officials conspired with Ambani to extend the loans, and also allegedly took bribes from Ambani’s companies. The CBI has charged Ambani, Kapoor, and several other individuals with offenses including cheating, conspiracy, and corruption. The case is likely to have significant implications for India’s corporate sector, and is being closely watched by investors and regulators.